Author Archives: Laura Glasser

Citizens Bank is stepping out of local Stop & Shop Supermarkets, the bank’s Long Island home since it entered the market in 2006. Through a bank-wide partnership with Sunoco Plus Convenience Stores, the Rhode Island-based institution will now have four ...

Long Island’s once-vaunted manufacturing sector continues to lead the region in job losses, despite signs of renewed life in other parts of the local economy, including gains in services and government, among others. Manufacturing companies shed another 5,000 jobs in ...

March 11, 2010Comments Off on Class action suits swarm Bank of Smithtown

Troubled Smithtown Bancorp is facing a half-dozen class action complaints on behalf of bitter shareholders, who have watched shares plummet almost 80 percent in the last two years amid bad loans and regulatory intervention. The lawsuits, filed by firms as ...

March 5, 2010Comments Off on Underwater homeowners get a one-year breather

As a wave of foreclosures continue to batter the Island, the federal government has extended its refinance assistance program. Homeowners paying mortgages that are higher than their home values will now have one more year to lower their monthly payments. ...

Job losses narrowed significantly on Long Island in January, even as seasonal firings pushed the region’s unemployment rate to 7.8 percent. The Island lost just 9,700 private sector jobs in the first month of the year, compared with January 2009, ...

Woodbury-based Research Frontiers said Wednesday it scored $1.6 million through a common stock offering. The developer of smart glass, a self-tinting window film, said a group of investors bought 588,602 shares of the company for $2.75 per share, the closing ...

The Long Island Development Corp. has abandoned its flagship Small Business Administration lending product in favor of focusing on other programs and slashed staff to accommodate the drop in business. The Bethpage-based nonprofit will no longer offer SBA 504 loans, ...

February 22, 2010Comments Off on LI Angel Network: Investments will surge

The Long Island Angel Network is gearing up for a rush in investment activity this year, after the recession stalled growth for the fledgling group in its first two years of operation. This year, the Angel Network will host investor ...

Despite a recession that continues to hammer almost every industry, one local accounting firm is bursting at its seams. Jericho-based Grassi & Co. has increased staff by almost 25 percent in the last month, beefing up practices on Long Island ...

February 12, 2010Comments Off on Credit unions seek reversal on municipal ban

New York’s credit unions may soon be doing business with the government. Gov. David Paterson included a provision in his 2010 budget proposal that would change a 100-year-old state law and allow credit unions to accept deposits from municipalities, a ...